currency news and archive

Chinese luxury shoppers relish fall of Russian ruble

The fall of the Russian ruble has prompted Chinese shoppers to take advantage of cheaper luxury goods. Chinese shopping agents who shop for Chinese customers abroad were quick to buy Russian products to avoid higher import taxes payable at the official retail channels in mainland China. When the Russian currency slid over the last week at one...

Apparel

Currency swings hit profits at luxury goods giant

Top global luxury goods giant LVMH, owner of Louis Vuitton and Givenchy, said on Thursday that its first-half profits have been hit by unfavourable exchange rates. Net profit in the first six months of the year slid 4 percent to 1.51 billion euros, the company said in a statement. The result fell short of the average forecast of 1.64 billion...